The solar energy industry has received $5 billion in stimulus funds under the landmark federal Solar Investment Tax Credit program, the White House announced Wednesday.
The solar industry is projected to generate $7 billion in revenue this year, including $4 billion in tax credits, $1.3 billion in loan guarantees, $200 million in tax credit payments and $300 million in credits, according to a White House analysis.
The stimulus package includes $3 billion for renewable energy programs and $2.5 billion for the nuclear energy industry.
The Solar Investment Credit Program provides grants to help the solar energy sector compete with the oil and gas and mining industries, which account for half of the country’s electricity production.
The program is intended to help create jobs and spur economic growth in the U.S.
The White House estimates that the solar industry will generate $1 trillion in tax revenue, with solar projects producing more than 10 percent of U.N. carbon dioxide emissions and generating about 2.7 million jobs in the solar power sector.
The tax credit program is expected to help offset the cost of buying energy from solar projects.
In the first four months of this year alone, the U